By Lisa Kerner
Charlotte, N.C., July 24 – Wereldhave NV privately placed seven senior unsecured notes totaling €265 million with maturities ranging from seven to 15 years.
Of the total, €160 million is dominated in euros and the remainder in dollars ($92.5 million) and pound sterling (£30 million).
The dollar notes have been swapped into euros for the whole maturity (10 and 12 years), and the pound sterling note has been swapped into euros for 10 years of the 15-year maturity.
Proceeds will enable the Wereldhave to repay all debt maturing in 2015 and 2016, according to a company news release.
The notes have an average weighted maturity of 10.1 years and an average interest cost of 2.9%.
Wereldhave is required to maintain an LTV of at 60% and to maintain an interest cover of more than two times.
The Royal Bank of Scotland acted as agent in this transaction. Swaps were effectuated with ABN Amro, ING and RBS.
Based in the Hague, the Netherlands, Wereldhave is a real estate company with properties in Europe and the United States.
| Issuer: | Wereldhave NV
|
| Issue: | Senior unsecured notes
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| Amount: | €265 million
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| Coupon: | Average interest of 2.9%
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| Maturity: | Seven to 15 years
|
| Distribution: | Private placement
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| Agent: | Royal Bank of Scotland
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